There's a subtext here that's important for oil

The Treasury recently asked primary dealers about a buyback program and in today's refunding announcement said it has not made any decision on whether or how to implment buyback programs. They say they will meet with a variety of market participants and assess the costs and benefits.

The unlearned lesson of pandemic trading was that liquidity in Treasuries disappeared until the Fed announced unlimited QE. Those problems haven't been solved and liquidity remains an issue despite more debt outstanding than ever before.

In the bond market today, US 10-year yields are down 1.6 bps to 4.038%.